Wouldn’t it be nice to build a machine that spits out cash all day so you can go do the things that you enjoy and still make plenty of money? Well, that might not be possible, but what is achievable is setting up a business that is passive and allows you the freedom as if it were an automatic cash machine.
Online, you can create a business out of almost anything. And because it is online and not in the physical space, it can be automated so you don’t have to slave away at it all day and night.
There are so many ways to go about this so let’s take a look at a few ways that you can build a business and make passive income.
Running an ecommerce store is one of the best ways to create a business online. You can sell just about anything by having products made especially for you to sell to your adoring market. It might not sound passive, but done well, it can be run on autopilot.
It will take a lot of work up front to find the right product and work with a factory to make it the way you like. Plus, building the traffic of people ready to buy what you are selling can take some time.
But using outsourcing methods once the framework is created can help run it with little effort. Ecommerce fulfilment, for example, can be outsourced so that you never even have to pay a hand on the product. It will be stocked, warehoused and shipped automatically thanks to software that links up with the fulfillment center.
The marketing of it can also be outsourced. You have the option of hiring a freelancer to handle the posting to social media accounts. Or hiring an agency that will take care of the entire strategy for getting traffic to your site.
Running a blog can be done almost completely hands off if you wish. Like anything, you should put the work in at the beginning so you can create the foundation and a system and then hand the work off to freelancers.
There are two main types of blogs. Those that make money with display ads or those that do affiliate marketing. Either way, once you pick a topic, you can hire a writer to provide the content and then a virtual assistant to upload it to the blog. Once you have some traffic coming in then the money is soon to follow.
A sort of hybrid between blogging and an ecommerce store is dropshipping. It looks like a blog with a shop attached, but you don’t have to worry about fulfillment at all. Your software will link up with an ecommerce store that will ship individual orders as they come in. so you don’t have to pay for the product before it sells.
This is not easy to do but once you have a system it runs itself.